Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
FLRaysFan

0 Contributions
0 People Helped
How will a hard inquirty affect my credit score and for long?
I applied for a home improvement loan and was accepted, however I decided not to take it. How will this affect my credit score as far as points are concerned, and how long will it be before my points will go back up? My main concern is because I am planning on applying for a vehicle loan next year.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
3051 Contributions
2789 People Helped

It only counts towards 10% of your score, so yes, you'll take a small hit.  Inquiries count for 2 years, then they don't matter.  When you apply for your auto loan, make sure to do all your credit checks within the same 30 day period, that way only the first inquiry counts against your score, the others are "freebies".  They know we have to shop around for large ticket items like cars and homes.  Best of luck!

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.